Marx predicted the destruction of capitalism is a necessity and socialism brings up from there. It was only a prediction. Basically the capitalist and Marxian economics are one and the same. All thoughts of Marx are only the continuation of above said Western thoughts. He himself claimed that the first thing he did was the cramming of ?wealth of nation?. The work-value theory; the explanation of the value converting into price; the theories formulated by Ricardo about profit and lease, the Marx started from there. The original form of Surplus Value Theory of Marx was formulated by Ricardo. In Marxian economics there is a difference between the ?price of work force? and ?price of work?. The ?price of workforce? is the amount required to survive the working man and his family in an average life standard. The employer gives that price (remuneration) to the employee. On the other hand, the ?price of work? is the value attained on the utilisation of the purchased work-force. The Surplus Value of Marx is the difference between the price of work-force and price of work. The employer collects the surplus value and a part of it re-circulates to make more surplus value. Marx presumed that the contemporary issues grab the surplus value of the employers. And ultimately the capitalism itself would demolish, Marx believed. The Marxian disciples see that the surplus value is eternal truth. The surplus theory cannot exist as such, because of the usage of scientific techniques in production process and ?work? becomes more mental. The role of earth, work, capital, and other factors has changed in production. The role of nature in the capital formation is unlimited. Without natural resources surplus value cannot be churned out. Marx did not considered the value of natural resources when he evaluated the ?production ingredients?. Marx had a belief that man and nature are distinctive, and natural resources are unbounded.
The socialist thoughts of Marx is related to the thoughts of Saint Simon Fourier. The idea of ?working class totalitarianism?, is originally of the French philosopher Babeuf. ?Unite labourers of all countries? is the slogan first raised not by Marx, but by Karl Schapper. The word communism is also not founded by Marx, but it was first used by the followers of Robert Owen, a Utopian Socialist.
John Maynard Keyenes brought forward a new theory to rescue 1929-33 world economic crisis. The economic theories of Keyenes justified overproduction. He opined that continuous economic growth and over-production and consumption necessary to it, are required. More the production of wealth the more it will benefit to the poor. The wealthy will force themselves to distribute the wealth amassed, then it will go to the poor and, whether the rich like it or not, one portion of that wealth necessarily melts down to the poor. Thus, Keyenes says, in running of time, the wealthier-poor difference will diminish, till then that process will not be obstructed. The new capitalist governments consider Keyenes theory to be a scripture. Most of the capitalist economists are considered to be the disciples of Keyenes.
The experience shows that the Keyenes arguments are wrong. The difference between the haves & have-nots of each country, and developed & undeveloped countries increased in the last century. In 1960 the per capita income of the richest 20 per cent is 30 times more than that of the 20 per cent poor. By 1997 it cumulated to 86 times. Inequality doubled. The total wealth of three richest people is more than that of the total wealth of 35 poor countries. The total wealth of 200 rich persons is equal to the total wealth of 2400 million poor people. One rich = 12.5 million poor. Two per cent of their wealth is more than sufficient to give primary education to the whole children of the world.
The economics of capitalism and communism has an extraordinary similarity. They aim only technical and economical development. The quest towards growth and development is very severe in capitalism and communism rather than other sciences. The severe crisis impeded by the present world are the unconstrained ?wants? and limited ?resources?. A finite one can never be brought to boundless. The modern economics, whether Marxism or non-Marxian, is trying to make finite into infinite. Since the natural resources are limited, today it is clear that uncontrolled and unlimited economic growth is impossible. The capitalist and communist developmental view, those based on the Newtonian imagination, is that the place and time are absolute and infinite. The capitalist and Marxist economists believe in infinite scope of science and technology. The developmental view of America and the former Soviet Union was the same. Both show unwanted esteem to industry and technology. Growth and development were intoxication to both. Economic growth is necessary, but the growth by any means is not suitable to the nature. The growth and consumption have a dynamic balance. The production and consumption should be compatible to the nature.
M. King Hubert was called lunatic by none but by both the communists and the capitalists, when in 1950, he set forth the accurate data of emaciation of natural resources. He studied in depth about the relation between the production of non-renewable natural resources and its emaciation. He said the production of petroleum comes to maximum at the end of 20th century. Then gradually the production would decrease and came to an end. At the end of 21st century the coal would diminish. A time will come when there is no natural gas, metals, forest, fish and even oxygen. If we find alternative resources for fossil fuels the emaciation of other resources cannot be stopped. The senseless developments of today wipes off the sources of oxygen, causing serious harm to the ozone layer, food crisis etc. The water sources will be dried out if we go on with the present water usage. The future war would be for drinking water.